King For A Day

Yes, I've once again put back on my CEO hat for a few days.  I must keep the empire rolling.  OK....I've gotta sit here and wait for the phone to ring.  Don't laugh.  The waiting can be intense.

This month my sister-in-law is having a certain momentous birthday (50), so my bro is surprising her with a trip to a resort in Mexico.  Her family and a few close friends are also going.

Let's review.  It's August.  Yesterday it was 104 in Dallas, and today it's expected to be 108.  And bro is taking a vacation, traveling even CLOSER to the equator.

See, even their logo shows a cactus, a blazing sun, and some little native guy burned to a crisp.

I thought I taught him better than that. *shaking head*

~~~~~~~~~~~~~~~

I see in today's news that there is growing momentum in Washington to wind down Fannie Mae and Freddie Mac, the two home financing institutions taken over by the Feds back in 2008 when the housing market collapsed.  In the pre-2008 days private financiers made 60% of all mortgage loans, with Fannie, Freddie, and FHA making the other 40%.  More recently the latter have been making 87% of all mortgage loans.

President O'bama recently echoed Congress when he said, "I believe that our housing system should operate where there's limited government role and private lending should be the backbone of the housing market...."  

Good....the "free market" is back!  The banks say they are ready to resume their role as the nation's primary source of home mortgages.

In other news, it was announced today that the Justice Department is suing Bank of America, accusing them of defrauding investors by vastly overestimating the quality of some $850 million worth of mortgage-backed securities.  

B of A now joins Goldman Sachs, Citi, JP Morgan Chase, Wells Fargo, Barclays, HSBC Holdings, and Credit Suisse, among others, who have/are being sued for similar mortgage securities fraud.

Ummm.....

(What's that definition of insanity?...."Doing the same thing over and over again, expecting a different result.")

S

An offer they can't refuse....

Good morning world!

I heard on the Happy News this morning that men are helping out around the house more these days.  Not much more, but more than the 0% from days past.  The report said that women spend 52 minutes a day doing housework while men do 16 minutes a day, and women do 70% of the laundry, too.

Another advantage to downsizing to a much smaller place....there's less to clean.  I make up the bed 'cause I'm the last one up.  K does 90% of the cooking, while I do 90% of the clean up.  The laundry is pretty much 50-50.  A housekeeper every other week for a few hours does the heavy lifting.  We could do it ourselves, but after all these years Geneva is like family.  She stays.  

How about at your casa?

~~~~~~~~~~~~~~~

Let's see....first there were the Castelano's, the Gambino's, and the Bonanno's, and now we have the USB's, the RBS's, the Citi's, the JPMorganChase's and a bunch more, too.  The list of mafia outfits grows every day.  HSBC just paid a $1.9B fine for money laundering.  (They helped Iran and the Mexican drug cartels.)  A dozen other banks are ratting on each other over their interest-rate-rigging scandal in the UK.  (Their defense....the others were more guilty than they were.)  

Now there are a combined TRILLION dollars in claims pending against BofA, JPMorganChase, Wells Fargo, Citigroup, and others over their fraudulent mortgage securities businesses.  The banks will probably settle for something like $400B.  (Does this mean they'll get away with the other $600B?  How is that fair?)  

The only thing missing from this organized crime drama is some executive "whacking" in broad daylight while they're eating their spaghetti dinners.  (Personally I'd classify that as "justifiable homicide".)

First we had "too big to fail".  Now we have "too big to indict".  It seems the Feds are offering plea bargains to the banks rather than indicting their ivory tower Dons because they're afraid a guilty verdict in court would scare away investors and the banks would go belly-up.  Then us taxpayers would get stuck with the clean up.

The message here....if you're gonna commit a crime, make it a BIG ONE!

Now, unless you're a banker....have a nice day.  :)

S